Thirstrap
Exclusive Ownership: The purchaser obtains exclusive ownership rights to the song, including all copyrights and associated intellectual property rights.
Exclusivity Period: The duration of exclusivity for this agreement shall be perpetual. During this period, the seller agrees not to license, sell, or otherwise distribute the song to any other party, ensuring that the purchaser maintains exclusive rights to the song indefinitely.
Usage Rights: The purchaser is granted comprehensive rights to utilize the song for commercial purposes, distribution, performance, synchronization with visual media, and modifications.
Royalties: The buyer shall be entitled to 50% of any ongoing royalties generated from the commercial use, distribution, performance, or synchronization of the song. This percentage shall be calculated based on net revenue received by the buyer from such activities.
Credit and Attribution: The purchaser is required to provide proper credit and attribution to all writers and producers involved in the creation of the song. This includes prominently displaying the names of the writers and producers in any use or distribution of the song, ensuring recognition of their contributions to the work.
Termination Clause: Either party reserves the right to terminate this agreement in the event of a material breach of contract, including but not limited to non-payment, failure to adhere to agreed-upon terms, or any other violation of the terms outlined herein. Termination shall be effective upon written notice to the other party, specifying the grounds for termination and providing a reasonable cure period, if applicable.
Indemnification: Both parties agree to indemnify and hold each other harmless from any claims, damages, liabilities, costs, and expenses, including reasonable legal fees, arising from the use, distribution, or any other exploitation of the song, except to the extent caused by the gross negligence or willful misconduct of the indemnifying party.